NTR reports 27 per cent dip in revenues since 2008

17 December 2009

Renewable energy group NTR’s interim financial results for the half year ended 30 September 2009, show the company has total assets of €1.4bn, cash resources of €163.9m and an interim dividend of €0.0228 per share.

The group reports revenues for the period at €205.4m, a decrease of 27 per cent on the six months that ended September 2008, which the company says reflects the reduced level of activity in the sustainable waste management sector as well as the disposal of West-Link toll bridge in 2008.

Group operating losses for the period were €64.9m compared to a nominal loss of €0.2m for the equivalent six month period in the prior year. The companys says €41.6m of the losses were accounted for by development spend in its solar and wind businesses.

During the first half of the year, NTR continued to invest in and expand the group’s green energy and resource-sustaining businesses. The company says its renewable energy businesses continued to develop key infrastructure projects across the wind and solar sectors, including the commencement of construction of the 150MW Lost Creek wind farm in Missouri and the first utility scale solar project using SunCatcher concentrating solar thermal technology in Arizona.

Green Plains Renewable Energy, in which NTR has a 45 per cent shareholding, also continued to deliver strong results for the two quarters ended 30 September 2009.

Within the sustainable waste management sector, NTR says its Greenstar businesses continued to consolidate and expand their footprint in key markets while successfully restructuring operations in response to short-term market challenges, with the Greenstar Group’s monthly earnings performance (EBITDA) returning to the levels experienced prior to the rapid decline in commodity prices a year ago. The company says the stabilised EBITDA are attributable to a combination of cost reductions, organic growth and some recovery in commodity prices.

‘The strength of our development businesses in the green energy sector is clearly evident in their ability to deliver key development milestones and to secure funding in very challenging economic conditions,’ said Michael Walsh, group finance director, NTR. ‘Our Greenstar sustainable waste management businesses successfully restored operating margins while also expanding in key growth markets.’

NTR also reports that its algae investment, BioProcessAlgae has completed installation of an algae photobioreactor pilot plant in the GPRE Shenandoah, Iowa ethanol facility, with algae production now underway. The company also reported that its road subsidiary, National Toll Roads has opened the 33km Waterford city bypass, incorporating a landmark half kilometre cable stayed river crossing bridge.

Founded in 1978, NTR evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy and sustainable waste management businesses in the USA, UK, and Ireland.

Copyright © 2009 NewNet

Tags: energy efficiency

This story was published on Thursday, December 17th, 2009 at 1:03 pm and is filed under North America, companies, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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